Meeder Asset Management Inc. boosted its position in Cypress Semiconductor Co. (NASDAQ:CY) by 234.2% in the 2nd quarter, Holdings Channel reports. The firm owned 13,595 shares of the semiconductor company’s stock after buying an additional 9,527 shares during the quarter. Meeder Asset Management Inc.’s holdings in Cypress Semiconductor were worth $303,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sterling Investment Advisors Ltd. bought a new stake in Cypress Semiconductor in the first quarter worth about $30,000. Quadrant Capital Group LLC lifted its stake in Cypress Semiconductor by 101.0% in the first quarter. Quadrant Capital Group LLC now owns 2,193 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 1,102 shares during the last quarter. Investors Research Corp bought a new stake in Cypress Semiconductor in the first quarter worth about $57,000. Private Capital Group LLC lifted its stake in Cypress Semiconductor by 43.4% in the first quarter. Private Capital Group LLC now owns 6,994 shares of the semiconductor company’s stock worth $105,000 after purchasing an additional 2,116 shares during the last quarter. Finally, Wealthcare Capital Management LLC bought a new stake in Cypress Semiconductor in the second quarter worth about $111,000. 77.13% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:CY opened at $22.85 on Friday. The firm has a market cap of $8.53 billion, a PE ratio of 19.70, a price-to-earnings-growth ratio of 2.58 and a beta of 1.86. The firm’s 50 day simple moving average is $22.68 and its 200-day simple moving average is $18.54. Cypress Semiconductor Co. has a one year low of $11.75 and a one year high of $23.11. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.31 and a current ratio of 1.91.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 17th. Investors of record on Thursday, September 26th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.93%. Cypress Semiconductor’s payout ratio is 37.93%.
In related news, CEO Hassane El-Khoury sold 20,000 shares of Cypress Semiconductor stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $22.16, for a total transaction of $443,200.00. Following the transaction, the chief executive officer now directly owns 521,745 shares of the company’s stock, valued at $11,561,869.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Sam Geha sold 5,000 shares of Cypress Semiconductor stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $22.39, for a total transaction of $111,950.00. Following the transaction, the executive vice president now directly owns 115,655 shares in the company, valued at $2,589,515.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,000 shares of company stock worth $1,204,230. 0.55% of the stock is currently owned by corporate insiders.
Several brokerages have issued reports on CY. Zacks Investment Research raised shares of Cypress Semiconductor from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Tuesday, July 30th. Needham & Company LLC downgraded shares of Cypress Semiconductor from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. SunTrust Banks raised their price objective on shares of Cypress Semiconductor to $23.85 in a research note on Tuesday, June 4th. They noted that the move was a valuation call. Piper Jaffray Companies downgraded shares of Cypress Semiconductor from an “overweight” rating to a “neutral” rating in a research note on Monday, June 3rd. Finally, MKM Partners reissued a “neutral” rating and issued a $23.85 price objective (up previously from $20.00) on shares of Cypress Semiconductor in a research note on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $20.75.
About Cypress Semiconductor
Cypress Semiconductor Corporation designs, develops, manufactures, markets, and sells embedded system solutions worldwide. It operates in two segments, Microcontroller and Connectivity Division, and Memory Products Division. The Microcontroller and Connectivity Division provides microcontroller (MCU), analog, and wireless and wired connectivity solutions, including Traveo automotive MCUs; programmable system-on-chip and general-purpose MCUs; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, and Bluetooth low energy; and USB controllers comprising solutions for the USB-C and USB power delivery standards, as well as wireless Internet of things connectivity solutions.
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